As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I can confidently say that the recent surge of Banana Gun (BANANA) has caught my attention. Having witnessed numerous bull runs and bear markets, I’ve learned to read between the lines and interpret the data.
The well-known cryptocurrency trading bot, Banana Gun, reached a new peak nearly two months high as activity within its system significantly increased.
Futures open interest surges
For the second day in a row, the price of Banana Gun (BANANA) tokens soared, peaking at $55 today – that’s a 68% increase compared to its record low in September.
This event took place in a bustling setting, primarily focusing on Binance, the leading platform within the sector. Notably, the exchange’s 24-hour trading volume surged by approximately 87%, reaching an impressive $56 million.
It appears that the open interest for Banana Gun’s futures market has been steadily climbing and recently hit an all-time high of $30 million. This represents a substantial jump from the $13 million low it reached back in September.
It appears that the surge in activity at this rally might be attributed to a high influx of transactions within the platform. As mentioned by the developers in their post on Monday, the network reportedly handled over $137 million worth of transactions last week alone. Additionally, it’s worth noting that the platform recorded an impressive $23 million in transactions on Sunday, suggesting that its ecosystem is thriving and experiencing significant growth.
Last week, Banana Gun saw significant success, amassing a total of $137 million, primarily due to Ethereum contributing $106 million. On what is typically a low-volume day for the platform, as well as during weekends, an impressive $23 million was traded through Banana Gun yesterday. Today has already seen a strong start with another $7 million in trades.
— Banana Gun 🍌🔫 (@BananaGunBot) October 7, 2024
The Banana Gun bot has emerged as a significant player within the cryptocurrency sector on Telegram, managing transactions worth approximately $6.7 billion, based on information from its official site. A large portion of this trading activity takes place in its Ethereum (ETH) environment, with Solana (SOL), Blast, and Base coming in second, third, and fourth respectively.
According to Dune and DappRadar’s data, Banana Gun boasts more than a quarter-million lifetime users who have conducted approximately 11 million transactions. Additionally, data from the past month indicates a 22% increase in unique active wallets and a massive 72% surge in trading volume, reaching an impressive $584 million.
Banana Gun price is soaring
Over the last several days, the 4-hour graph indicates that the Banana Gun token has experienced a robust upward trend. On Friday, it surpassed a crucial resistance level at $52.15, reaching its peak price on October 8th.
The token’s value continues to stay over its 50-day and 25-day moving averages as well. Furthermore, indicators such as the Money Flow Index and Moving Average Convergence Divergence (MACD) are showing positive trends.
Consequently, it’s expected that the price will probably keep increasing since investors aim for a new peak at around $63.45, approximately a 12% rise from its current value.
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2024-10-11 17:34